(a) Contribution refund prior to vesting. Any group III member who is voluntarily or involuntarily separated from the service of the city before the group III member is vested shall be entitled to receive the amount of the group III member’s contributions plus regular interest less any amount previously paid to the group III member from the fund.
(b) Vested termination pension.
(1) a. A vested group III member who is voluntarily or involuntarily separated from the service of the city shall be entitled to receive a vested termination pension payable:
1. In full, pursuant to § 2.5-22(b); or
2. In a reduced amount commencing on or after age 50.
b. A group III member must file a request for the commencement of the vested termination pension by completing such forms and following such procedures as are established by the board. A vested termination pension shall be payable monthly on the first day of each month commencing with the month following approval of the group III member’s vested termination pension by the board.
(2) A vested termination pension shall be an annual life pension, the amount of which shall be the specified percentage of the group III member’s compensation base multiplied by the group III member’s total years of credited service to date of such voluntary or involuntary separation from the service of the city. For purposes of the preceding sentence, the specified percentage of the group III member’s compensation base shall be 2.75% for all credited service earned or purchased prior to October 1, 2013, and 2.25% for credited service earned or purchased on or after October 1, 2013, unless the group III member has attained his or her normal retirement date or vested retirement date prior to the date the group III member’s pension payments begin, in which case the specified percentage shall be 3% for all credited service earned or purchased prior to October 1, 2013 and shall be 2.5% for all credited service earned or purchased on or after October 1, 2013. A vested termination pension shall be calculated using the specified percentage and compensation base in effect at the time the group III member earned or purchased the credited service for all credited service earned or purchased after October 1, 2013.
(3) In addition to the reduced multiplier described in subsection (b)(2) above, if a group III member has not attained his or her normal retirement date or vested retirement date prior to the date the group III member’s vested termination pension payments begins, the amount of reduction for commencement of a pension prior to the group III member’s normal retirement date or vested retirement date shall be 0.416666667% for each month by which commencement of the pension antedates the group III member’s normal retirement date had the group III member remained employed by the city.
(c) Contribution refund after vesting in lieu of vested termination pension. Any vested group III member who is voluntarily or involuntarily separated from the service of the city may elect to receive a refund of the group III member’s contributions, plus regular interest less any amount previously paid to the group III member from the fund, either at the date of such separation or at any time thereafter prior to commencement of retirement benefit, but by so doing, the group III member shall forfeit all rights under the fund and thereafter be entitled to no further benefits hereunder.
(Ord. 20471-10-2012, § 2, passed 10-23-2012; Ord. 22977-10-2017, § 1, passed 10-24-2017)